All about MBA Scholarships: 4 Ways to Boost Your Chances of Getting an MBA Scholarship

A Master of Business Administration (MBA) degree from a prestigious institution can give you an edge over your peers in the business world. With the cost of MBA programs reaching a peak, being able to afford the cost can seem challenging. And this shouldn’t hold you back from applying to the business school on your goals list.

There are various options for financing your MBA degrees, like loans, financial aid, and family support. But the best way is to get a fully funded MBA scholarship. 

In this article, we will be briefing you on how to boost your chances of heading into business school with a prestigious MBA scholarship!

What are the different MBA scholarships?

The MBA scholarships come in various forms, including merit, needy, people with work experience, women, entrepreneurs, and people from specific countries and backgrounds. 

Let’s look at some of the highly acclaimed MBA scholarships across the globe for international students:

University-Specific MBA Scholarships

If you want to fund your MBA, choose a school that offers the best scholarships. You can look for the eligibility rules for these institutional scholarships and apply with a solid academic record for preference. 

• The University of the West of England provides the Bristol MBA scholarship that covers 50% of the total tuition fee for a year. 
• Said Business School is also a great option; the selected students will get a complete fee waiver and financial assistance for the living expenses of INR 13,70,000 approx. 

Merit-based scholarships

The merit MBA scholarships are awarded to students purely based on academic background, GPA, test scores, IELTS score and other professional achievements. The merit scholarships are considered by universities automatically without needing another application.

• INSEAD Business school, one of the world’s leading and largest graduate business schools, offers an amount of EUR 25,000 (around 19,60,000 INR) if you have an exceptional academic background and limited financial aid.
• There is also a prestigious scholarship by Harvard University-Boustany Foundation, with funding of USD 95,000 (34,26,300 INR approx.), including the accommodation and travel costs. Students with high GMAT scores and a sound academic background are eligible to apply.

Scholarships from Professional Organisations

Professional organisations usually offer MBA scholarships for graduate and postgraduate students. You need to apply early for these scholarships to receive immediate regard.

• The British Council grants the Global Study Award to aspiring students who want to pursue postgraduate studies at reputed universities abroad. The amount granted is £10,000 ( INR 8,00,000) for two students and is a one-time award.

• DAAD is the world’s largest international exchange funding organisation for students and researchers. It awards fully-funded scholarships for an MBA in Germany. More than 1,00,000 students are awarded every year.

Corporate Scholarships

Large corporations and companies sponsor many business school scholarships. There are also companies and private firms that offer MBA scholarships for students. The companies have their own eligibility criteria for these scholarships. 

• The renowned IDFC FIRST Bank provides an amount of INR 1 Lakh (per annum) to MBA aspirants. This is for students facing financial constraints to fulfil their dream of pursuing an MBA. 

• Rotary Club, a private organisation, also provides up to $25,000 (INR 22,00,000) to fund academic fees, living, and other unavoidable expenses.

Diversity and Gender-based Scholarships

These funding opportunities mainly promote diversity and encourage the interest of oppressed and minority communities. There are women and LGBTQ MBA scholarships for which you can apply based on eligibility.

• There is an MBA Scholarship for Women Leaders by the Europe Business School (ESCP) worth €15,000 (INR 13,25,000).

• The Point Foundation in the US is a large scholarship-granting organisation that supports LGBTQ students based on academic merit. Applicants are awarded financial support and also paired with a mentor.

Top 4 Ways of Getting an MBA Scholarship

Fortunately, several MBA scholarship opportunities are available for international students. We have compiled effective strategies to enhance your chances of achieving a scholarship and improve your application quality.

Also Read: IELTS Scholarship For 2023: All You Need To Know

A good GMAT score

The most significant way of earning MBA scholarships is through a good GMAT exam score. Even if you ask the scholarship panel, insist you have a high GMAT score as it’s the most determining indicator.

Of course, MBA scholarship committees consider applicants with high GMAT scores because it reveals their competency level. Students should first try to clear the GMAT with a high score to have the edge over others for eligibility.

Tip:

• Applicants with a high score of 730 receive much larger scholarship awards than applicants with lower GMAT scores. Try scoring a 730+; that will make your scholarship application more lucrative.

• Business schools like Wharton accept applicants with GMAT scores of 500 to their MBA programs. These applicants have other elements in their profiles, so if you have low scores see that you are strong with other factors.

Research to find the best MBA Scholarship

Today you have the privilege to search through databases and find many available MBA scholarships with the help of today’s technology. Use the best of your resources to research and find different options per your requirements. 

Not all MBA scholarships are adequately advertised on respective websites so look beyond the resources. Do thorough research, compare different scholarships and tailor your application.

Tips: 

• There are various scholarship databases on different websites, especially on the university’s official websites, which are particularly helpful

• Look at some prestigious scholarships that can help you reduce your MBA cost. Leap Scholar’s scholarship finder enables you to find the best scholarship to finance your MBA degree in the USA, UK, Australia, Canada, Ireland, and other countries.

Ensure your profile stands out

Develop applications in a way that stands out, as it is crucial for your MBA scholarship application.

Admission directors are tasked with selecting students from diverse academic and professional backgrounds, so ensure that you impress them.

Tips:

• Add in your pivotal projects where you managed a group of people, events, budgets, etc. By demonstrating some experience in leadership, you’ve already got an edge over your competitors.

• If you have work experience, you can add it to your profile. By elaborating on your different tasks, you can prove your ability to take risks and work in an uncertain environment.

Negotiate your MBA Scholarship

A significantly less-known fact about MBA scholarships is that they are negotiable. A strong academic background, work experience, high GMAT score, and other achievements can help you negotiate the scholarship.

Tips:

• The best way to negotiate your MBA scholarship is by providing a scholarship offer letter from another competing institution. This can be a good way to prove to them that you’re a desirable talent and deserve better financial aid.

• A polite email documentation can be initiated to justify an increased award. Do mention some of your achievements that validate your negotiation.

Conclusion

Most MBA scholarships are a great way to secure an offer from a business school to maximise your GMAT score. Apply to business schools aligned with your MBA goals and communicate efficiently with the MBA scholarship panel. To understand more about MBA scholarships, eligibility, and guidance for applying for scholarships, talk to some of the industry experts from LeapScholar, trusted by 2L students with their study abroad journey!Book a free call with our experts today and get all your queries answered. 

Additionally, we can ease your financial stress by funding your desire to study abroad! Leap Finance provides collateral-free loans for US education at interest rates as low as 8.5%. Get funding for your tuition fees, transportation, and personal expenditures up to 100% within 10 minutes. Click here to begin the loan application process now. 

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